Home sales in July dip below expectations - NBC Right Now/KNDO/KNDU Tri-Cities, Yakima, WA |

Home sales in July dip below expectations

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KENNEWICK, Wash. -- As provided by County Search of total Closings in Benton and Franklin County, 1st half 2011 has been disappointing in Tri-Cites Real Estate Market compared to 2010 during the same period.     According to Paul Roy, Tri-City Association of Realtor President "Although, we predicated the first half of 2011 would be very similar to first half statistics in 2008 and 2009; we are seeing weaker than excepted July numbers during the first 15 days of the normally peak buying season."

Roy states that the Second Half 2011 may be similar to the 2nd half of 2010 caused by uncertainty in the federal government, the job market, and national economy. Consumers continue to hold on to their incomes and pay down debt rather than invest it in big ticket expenditures like real estate. Even though all the experts our saying it has never been a better time to purchase a home, many Americans decide to stay on the side lines, especially first time home buyers, the most cautious buying group said Roy.

"We're relating it to consumer confidence, not the economy, not job loss, more people are renting. First time home buyers especially.  They're usually 50 percent of our market and now they're only 35 percent...and again when they keep hearing bad economy, bad housing, bad, bad, bad bad, there's not a lot of confidence to go out there and invest," says Roy.

Owner and Developer of TMT Homes, Tony Tahvili says his sales are steady compared to last year because most of his buyers are not first timers. 

"It hasn't been as crazy as it used to be.  We were overwhelmed with buyers before and the buyers are very much solid now.'  We are seeing pretty much the same number of buyers as we did last year."

SALES

          JAN     FEB   MAR    APR    MAY         JUN   JLY   AUG   SEP   OCT    NOV    DEC           TOTAL
2002  365    362    382      404     470     518   496   480    433      530    431    478           5349
2003  388    409    430      463    459     478    520   541    572      573    396    471           5700
2004  316   382     472     559     551     540   528   614    606      602     580   536            6286
2005  419    443     673    597     622     664   618   716    716      674    588    572            7302
2006  471    467     597    542     574     655   562   638    573     560     448    455             6542
2007  433    408     563    542     588     625   565   639    529     512    437     384             6225
2008  321    359     405    411     492    503    485   449    411     416    252    304              4808
2009  201    235     304    351     361    467   484    467   474     574    489     458              4865
2010  273    323     490    580    567     693   413   386    387    404    368     384                5268
2011  293    273     405    405    420    466                                                                           2262
As provided by Benton Franklin Title Search

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